INNOVATIONS CITY TACKLES FUNDING DISPARITIES FOR WOMEN OF COLOR AMID COVID-19
Innovations City, a peer-to-peer networking platform designed to help Entrepreneurs build, pitch, and connect with funding opportunities, shines a spotlight on women of color with the first LIVE Global Pitch Competition online. Participants must complete a submission form along with a 90-second quick pitch video, an integral feature of the Innovations City platform. The winner will receive a $10,000 investment to jumpstart or continue their business.
Interested candidates can apply for the competition by Sunday, May 10, 2020, and if selected, advance to the live Shark-Tank style panel’s final round. Panel judges include Arlan Hamilton, Founder of venture firm, Backstage Capital, a $36 million fund dedicated exclusively to black female founders and plans for next round funding of $100 million dedicated to underrepresented founders. Harold Hughes, Founder of BandwagonFanClub, angel investor and advisor for women founders is another judge for the LIVE Pitch Competition which will be held on Wednesday, May 20, 2020, from 5 p.m. - 7 p.m. PST.
Although 90% of women-owned businesses are started by women of color, they account for less than 3% of the funding pool.
This disproportionate lack of access to capital, support, and networking is what led Vilavanh Sanginthirath, Founder and CEO, to launch Innovations City and use technology to bridge the gap and diversify the innovative landscape.
“I created the Innovations City online platform to bridge the gap, use data and analytics to challenge unconscious bias, and revolutionize the pathway for women and minorities to create generational wealth and sustainability,” said the California-based CEO.
The decision to use a global digital platform-based pitch approach has always been of importance to Innovations City and is timely considering the current entrepreneurial climate due to COVID-19.
“The reason to go digital was always important for us, we’re able to reach an entire demographic of underestimated game changers and connect them to funding, resources and the network of advisors, mentors, service providers who can truly help and support them.”
The pitch comes right at the height of the COVID-19 pandemic, a time where the future of new and emerging businesses, as well as access to another round of $450B of US small-business relief funding, lies in uncertainty.
“COVID-19 has shown us that it doesn’t discriminate because regardless of class, race, or circumstances; we’re all experiencing a real-life crisis at the same time. Something that many of us, especially women and minorities – including myself, are all too familiar with. Instead of pushing on the breaks like many, we are pressing on the gas and putting the pedal to the metal. This is the time where we, the problem- solvers, visionaries, team-builders, and creators can truly benefit from a new era of innovation and opportunities”
The pitch competition has three focus areas: to empower women of color to proactively go after funding, gain visibility and exposure to equity investment opportunities, and connect them with angel investors, venture capitalists, banks, and funders in the market. Submissions and additional rules and regulations can be found on the website: www.innovationscity.com.
The San Diego based company is also seeking investors, funders, partners, and organizations who see the value in ensuring women of color and underestimated founders are not left behind in the pandemic.